BMI View: We expect strong food consumption growth in Belarus (in roubles) to continue over our forecast
period to 2018. However, this expansion will not be driven by increased economic activity, with real GDP
growth (in US dollar terms) forecast to contract by 0.1% in 2014 and 0.7% in 2015. We consider Belarus a
risky market due to its political isolation from much of Europe and high level of government intervention in
economic matters. High levels of inflation are a further concern, particularly for consumer goods sectors.